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If you’re reading this, there’s a good chance you believe your business might be suffering from outdated accounts payable processes. Goldman Sachs says there’s a good chance you’re right. They recently estimated businesses in North America spend $187 billion per year on payment processing costs, with small businesses sacrificing $22 to pay a single invoice

The construction industry has the potential to boost its value by an impressive $1.6 trillion, but companies also face mounting pressures to stay competitive while keeping tight control of rising costs. Manual processes are no longer cutting it, and any organization hoping to reach that potential needs to adopt efficiencies that will enable them to

AvidXchange helps midmarket companies strengthen supplier relationships with secure, timely payments CHARLOTTE, N.C. (May 15, 2019) – AvidXchange™, the leading provider of accounts payable (AP) and payment automation solutions, today announced that 500,000 suppliers are now part of the AvidPay Network, marking a significant milestone and reaffirming its position as the largest B2B payments network

Once upon a time, people primarily relied upon cash and paper checks to pay for goods and services. They drove to banks to move money in and out of their accounts. But thanks to the rapid evolution of payment technology, making purchases and moving funds with a thumbprint or a click of a button is

The role of the CFO is continuously evolving. While leading financial planning and risk management for their organizations remains paramount, today’s CFOs are also taking on a more strategic role in keeping the business ahead of its competition. Not everyone is prepared for this shift. A study conducted by Forbes and KPMG found that a third of

New FinTech trends are constantly emerging. This can make it difficult to determine which ones are necessary and which are simply “nice to have.” But as businesses begin to scale for growth and eliminate paper, automated bill payment software and ePayments are proving to be essential for a simple, swift and secure payment pipeline. Why

Tedious as it may seem, every business transaction needs to be recorded in the right account. The problem, however, is that unless you have automated accounts payable software, finding the correct account isn’t always such a simple task. Fortunately, a chart of account can help you with that. Whenever you need to find a line

To fulfill your business’s mission, you need to develop strong and lasting relationships with your suppliers. Adopting vendor management best practices will help you forge a stronger bond with your suppliers by working toward mutually beneficial agreements for both their company and yours. No matter if you work with one supplier or hundreds, your business

As a business owner, the last thing you want to do is pay a fraudulent or inaccurate invoice. Three way matching can help safeguard your accounts payable against incorrect or fraudulently submitted invoices. Today, an increasing number of business owners and departments in charge of finances are using three way match processing to mitigate risk

As the costs of purchasing continue to rise, it’s important that business owners follow best practices when it comes to the procurement process. In today’s economic climate, CFOs and business executives have little room to rest on their laurels without feeling the heat from investors and external entities. For this reason, you’ve got to transform

Today, commerce is relying more and more on electronic communications to handle financial transactions efficiently and affordably. For this, businesses are turning to electronic fund transfer system (EFT) networks to initiate and process payments using the Internet. What is an EFT Payment? EFT is an umbrella term that describes a variety of electronic payments, including